Ripple, Major VCs Back ex-Goldman Exec’s RWA Platform OpenEden

OpenEden:- Led by former Goldman Sachs executive Jeremy Ng, RWA platform OpenEden has been expanding at a rapid pace. Its two core products – the tokenized Treasury bill offering TBILL and its yield-bearing stablecoin USDO – have gained significant traction among institutions and on-chain investors.

Today, the project ranks among the largest issuers of tokenized U.S. Treasuries across Asia and Europe. The project’s total value locked (TVL) has climbed to $531 million, split almost evenly between TBILL at $266 million and USDO at $264 million.

But OpenEden’s founder Jeremy isn’t stopping here as he eyes wider plans for the RWA market. In a strategic move to further expand its RWA footprint, OpenEden has announced securing investment from a group of prominent industry backers. The new round brings in strategic capital from Ripple, FalconX, Anchorage Digital, Gate Ventures, and several other leading digital-asset investors.

We’re proud to announce the completion of our latest strategic investment round, with participation from Ripple, Lightspeed Faction, Gate Ventures, FalconX, Anchorage Digital Ventures, Flowdesk, Kaia Foundation, P2 Venture, Selini Capital, and Sigma Capital. pic.twitter.com/MOlWrjlUav

— OpenEden (@OpenEden_X) December 1, 2025

OpenEden Receives Leading VCs Support to Scale RWAs

OpenEden has built a reputation for bringing short-dated U.S. Treasuries on-chain via its TBILL product and for issuing USDO.

Both of these products are backed by treasuries with its regulated stablecoin also designed to carry yield from underlying Treasury exposures.

The company said with the fresh capital, it aims to scale its distribution, on-chain integrations and regulatory-compliant product development. However, OpenEden did not disclose the exact size of the round.

Interestingly, this strategic investment round follows OpenEden’s earlier fundraising with Yzi Labs in 2024. Now founder Jeremy Ng led project aims to further expand its end-to-end RWA tokenization-as-a-service platform for issuing and managing regulated, tokenized financial products.

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OpenEden further disclosed plans to roll out new tokenized funds and structured products. This includes a short-duration global high-yield bond fund, multi-strategy yield tokens, and other structured exposures to traditional fixed-income markets.

To date, OpenEden has generated $7.29 million in total fees, translating into approximately $1.79 million in realized protocol revenue.

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Rise of Tokenized Treasuries

OpenEden’s funding arrives at a time when the tokenized money market space is expanding at remarkable speed.

According to the BIS, tokenized money market funds have now surpassed $9 billion in assets – early a 10x increase since 2023. But the rapid growth comes with warnings.

While tokenized Treasuries deliver clear advantages, they remain tethered to the underlying structure of the traditional U.S. Treasury market. The leverage dynamics behind the basis trade, the dependence on repo financing, and the vulnerabilities exposed during market stress still lie beneath the surface.

As these products scale, the question is no longer about whether tokenization is innovative, but whether it can integrate safely and transparently with the core plumbing of the Treasury system.

This shift is also unfolding against a broader backdrop. The volume of assets moving on-chain is accelerating across multiple categories. Kalshi’s recent partnership with Solana to bring event markets on-chain exemplifies this transition. And the rapid growth of stock-tokenization within RWAs signals a wider push to migrate traditional financial instruments into blockchain-native formats.

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